Investor eyes housing slump zapping Prop. 13

Eyeball: Chances we\’ll see a bottom in 2008? Bruce: 2008 will be the toughest year to sell a property in the past 40 years. Fully 50% of all sales in California will be either lender owned sales or short sales. In Southern California, we will have about 100,000 lender owned properties to contend with in 2008. To put that into perspective, you could have a 500-house auction held every weekend next year and sell only 25% of the available REOs. The ratio of sales (projected to be 334,500 by C.A.R.) to trustee sales (projected to be 165,000 by my calculations) is 50% worse than the worst year (1996) in the downturn of the 90s.